Latest news with #ChandraAsri
Forbes
3 days ago
- Business
- Forbes
Indonesian Billionaire Prajogo Pangestu's Chandra Daya IPO Values Company At $1.4 Billion
A chemicals and gas storage facility and jetty run by Chandra Daya Investasi. Chandra Daya Investasi—an infrastructure company backed by Indonesian billionaire Prajogo Pangestu's petrochemical company Chandra Asri Pacific—is gearing up for an IPO that will value the company at 23.7 trillion rupiah ($1.4 billion). The company—which operates a 120-megawatt power plant outside Jakarta and supplies electricity to more than 200 companies and 1,600 homes—is selling up to 12.4 million new shares, equivalent to a 10% stake, at between 170 rupiah and 190 rupiah each in the maiden share sale. It aims to raise up to 2.4 trillion rupiah ($144 million), according to its IPO prospectus released on Thursday. 'Through this initial public offering, we aim to strengthen our position as a growth partner for the industry and create opportunities for collaboration that fosters long-term, value-added development for all stakeholders,' Fransiskus Ruly Aryawan, president director of Chandra Daya Investasi said in a statement. The book building process started today and will be completed on June 24, with the company slated to be listed on the Indonesia Stock Exchange on July 8. After the IPO, Chandra Asri Pacific's stake in the company will be reduced to 60%, while Phoenix BV, a unit of Thailand's Electricity Generating Public Company, will own 30%. Chandra Daya will use the funds raised from the IPO to expand the company's logistics and port operations. It currently runs seven ships that carry chemicals and gas, and it owns two docks for handling large vessels. Its parent, Chandra Asri, has been expanding in Indonesia and Southeast Asia. It's building an $800 million chemical plant near its existing facility in Cilegon, about 100 kilometers west of Jakarta. In Singapore, the company and its partner Glencore bought Shell's refinery and Chevron Phillips' polyethylene plant. Jakarta-listed Chandra Asri is part of Barito Pacific, a company originally focused on timber that Pangestu transformed into a major player in energy and petrochemicals. With a real-time net worth of $25.1 billion, Pangestu ranks among Indonesia's wealthiest individuals. He also holds stakes in publicly traded coal miner Petrindo Jaya Kreasi and Barito Renewables.
Forbes
4 days ago
- Business
- Forbes
Indonesian State Funds To Invest In Billionaire Prajogo Pangestu-Backed Chandra Asri's $800 Million Chemical Plant Project
Sovereign wealth funds Danantara Indonesia and Indonesia Investment Authority (INA) are investing in Chandra Asri Pacific's $800 million chemical plant project outside Jakarta. To be built in near Chandra Asri's existing petrochemical plant in Cilegon, about 100 kilometers west of Jakarta, the facility will produce 400,000 tons of caustic soda and 500,000 tons of ethylene dichloride per year when completed in 2027, the company said in a statement on Tuesday. Caustic soda is used in the manufacture of batteries for electric vehicles, while ethylene dichloride is a key ingredient to make PVC pipes. 'Danantara Indonesia and INA's entry underscores investor confidence in the growth of Indonesia's chemical industry,' Erwin Ciputra, president director of Chandra Asri Group said in the statement. 'Through this collaboration, we are building a solid foundation to drive sustainable industrial development and national economic growth.' With the new facility, Chandra Asri (controlled by billionaire Prajogo Pangestu) hopes to reduce the country's dependence on imported chemicals. Once commercial production starts, Indonesia is expected to save up to 4.9 trillion rupiah ($300 million) annually and generate up to 5 trillion rupiah in export earnings each year. To bankroll the project, Chandra Asri has earmarked a capital expenditure of up to $400 million this year. 'This investment strengthens national resilience by reducing import dependence on essential products like caustic soda and ethylene dichloride,' Pandu Sjahrir, chief investment officer of Danantara Indonesia said. 'At Danantara Indonesia, we welcome global partners who share our vision of building resilient, high-value industrial ecosystems in Asia's dynamic economy.' Chandra Asri has been expanding across Southeast Asia. In April, the company and its partner Glencore completed the acquisition of Shell's refinery and petrochemical assets in Singapore. Last month, the duo announced the acquisition of Chevron Phillips' polyethylene manufacturing operations in the city-state. Jakarta-listed Chandra Asri is part of Barito Pacific, a company originally focused on timber that Pangestu transformed into a major player in energy and petrochemicals. With a real-time net worth of $25.6 billion, Pangestu ranks among Indonesia's wealthiest individuals. He also holds stakes in publicly traded coal miner Petrindo Jaya Kreasi and Barito Renewables.
Business Times
5 days ago
- Business
- Business Times
Indonesia's sovereign wealth funds Danantara and INA eye investment in Chandra Asri's 15 trillion rupiah chemical plant
[JAKARTA] Indonesia's sovereign wealth funds, Danantara and the Indonesia Investment Authority (INA), are exploring a strategic investment in the planned 15 trillion rupiah (S$1.2 billion) chlor-alkali and ethylene dichloride facility by the country's giant petrochemical producer Chandra Asri Pacific. The two sovereign wealth funds have signed a memorandum of understanding with Chandra Asri to explore the possibility of participating in the project as strategic investors. Erwin Ciputra, president director of Chandra Asri Group, stated that the potential partnership aims to boost the domestic production of caustic soda, a major product of the chlor-alkali process, and ethylene dichloride. 'This collaboration supports our efforts to reduce reliance on imports and build a stronger domestic industrial supply chain,' said Ciputra in a statement on Tuesday (Jun 17). Caustic soda plays a crucial role in the refining of nickel, an important component of electric vehicle (EV) batteries. The plant will thus support Indonesia's strategy to solidify its position in the global EV supply chain. The project will be executed through Chandra Asri's subsidiary, Chandra Asri Alkali (CAA). It will involve the construction of a facility designed to produce approximately 400,000 tonnes of solid caustic soda annually (equivalent to around 827,000 tonnes in liquid form), alongside 500,000 tonnes of ethylene dichloride. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up A potential second phase, currently under feasibility assessment, seeks to increase chlor-alkali production capacity and introduce additional chlorine derivatives, with the goal of optimising operational efficiency and generating a broader range of value-added products. The plant, which is located in Cilegon, Banten, is expected to be completed and start commercial operations in 2027. The project is part of Indonesia's national strategic road map for the next five years, granting it government-backed legal support and priority status. The Indonesian government is working to reduce its reliance on caustic soda imports, which currently amount to nearly five trillion rupiah annually. Pandu Sjahrir, chief investment officer at Danantara, called the project a key part of Indonesia's industrial transformation strategy. The initiative, he said, aligns with the country's broader agenda to strengthen industrial downstreaming and enhance domestic manufacturing capabilities. 'The chemical sector underpins many strategic value chains, from manufacturing to energy transition. This collaboration will foster scalable industrial growth and reduce import dependency, while offering long-term economic benefits,' he added. In addition to helping replace imports, the plant is expected to contribute significantly to exports. Ethylene dichloride output will be targeted for export markets, potentially generating up to five trillion rupiah in annual foreign exchange revenue.
Business Times
5 days ago
- Business
- Business Times
Indonesia's sovereign wealth funds Danantara and INA eye investment in Chandra Asri's US$800 million chemical plant
[JAKARTA] Indonesia's sovereign wealth funds, Danantara and the Indonesia Investment Authority (INA), are exploring a strategic investment in the planned US$800 million chlor-alkali and ethylene dichloride facility by the country's giant petrochemical producer Chandra Asri Pacific. The two sovereign wealth funds have signed a memorandum of understanding with Chandra Asri to explore the possibility of participating in the project as strategic investors. Erwin Ciputra, president director of Chandra Asri Group, stated that the potential partnership aims to boost the domestic production of caustic soda, a major product of the chlor-alkali process, and ethylene dichloride. 'This collaboration supports our efforts to reduce reliance on imports and build a stronger domestic industrial supply chain,' said Ciputra in a statement on Tuesday (Jun 17). Caustic soda plays a crucial role in the refining of nickel, a crucial component in electric vehicle (EV) batteries. The plant will thus support Indonesia's strategy to solidify its position in the global EV supply chain. The project will be executed through Chandra Asri's subsidiary, Chandra Asri Alkali (CAA). It will involve the construction of a facility designed to produce approximately 400,000 tonnes of solid caustic soda annually (equivalent to around 827,000 tonnes in liquid form), alongside 500,000 tonnes of ethylene dichloride. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up A potential second phase, currently under feasibility assessment, seeks to increase chlor-alkali production capacity and introduce additional chlorine derivatives, with the goal of optimising operational efficiency and generating a broader range of value-added products. The plant, which is located in Cilegon, Banten, is expected to be completed and start commercial operations in 2027. With a total investment of approximately 15 trillion rupiah (S$1.2 billion), the project is part of Indonesia's national strategic road map for the next five years, granting it government-backed legal support and priority status. The Indonesian government is working to reduce its reliance on caustic soda imports, which currently amount to nearly five trillion rupiah annually. Pandu Sjahrir, chief investment officer at Danantara, called the project a key part of Indonesia's industrial transformation strategy. The initiative, he said, aligns with the country's broader agenda to strengthen industrial downstreaming and enhance domestic manufacturing capabilities. 'The chemical sector underpins many strategic value chains, from manufacturing to energy transition. This collaboration will foster scalable industrial growth and reduce import dependency, while offering long-term economic benefits,' he added. In addition to helping replace imports, the plant is expected to contribute significantly to exports. Ethylene dichloride output will be targeted for export markets, potentially generating up to five trillion rupiah in annual foreign exchange revenue.
CNA
5 days ago
- Business
- CNA
Indonesia sovereign wealth funds Danantara, INA sign MOU with Chandra Asri Pacific
JAKARTA :Sovereign wealth funds Danantara Indonesia and Indonesia Investment Authority (INA) said on Tuesday that they had signed a memorandum of understanding with petrochemical and energy firm Chandra Asri Pacific worth up to $800 million. The agreement would explore the potential entry of Danantara and INA as new investors to build a chlor-alkali – ethylene dichloride plant, the companies said in a joint statement. The plant, which will be managed by a subsidiary of Chandra Asri, is expected to have production capacity of 400,000 tons of solid caustic soda per year and 500,000 tons of ethylene dichloride.
